HDFC Bank vs Axis Bank-Which offers better consumer durable loan?

Times have changed in the financial services space, aren't they. It has become possible to bring home consumer durables like refrigerator, washing machine, air conditioner, LED television and others on loan, much unlike the yesteryear when loan for such durables had no space in the market at all. But as they say things do not remain constant in life, the financial world has widened its portfolio of products over a period of time. In its bid to advance the offerings, a product called consumer durable loan has emerged, much to the delight of those who wish to buy their favourite durables without utilizing their savings to achieve the same. You can now choose from various lenders be it a bank or a non-banking finance company (NBFC) to avail consumer durable loan. In this article, we will compare the consumer durable loan offerings of two prominent lenders, HDFC Bank and Axis Bank.

HDFC Bank vs Axis Bank on consumer durable loan

Particulars

HDFC Bank

Axis Bank

Quantum of finance

Upto 100% of product price with a maximum limit of Rs 15 lacs

12 times the monthly salary or 85% of the cost of product, whichever is lower. Maximum limit on the loan is Rs 2 lacs

Minimum Loan Amount

Rs 40,000

Rs 25,000

Loan Tenure

1-3 years

1-3 years

Interest Rate

16%-22% per annum

15.5%-24% per annum

Processing Fee

2% of the loan amount with a minimum limit of Rs 500

1% of the loan amount

Pre-payment charges

No pre-payment allowed till the repayment of 6 EMIs. Prepayment charges of 2%-4% of the principal outstanding

No pre-payment allowed till the repayment of 6 EMIs. Prepayment do not bear any charge

Age

For salaried, age of 21-60 years. For self-employed, age of 26-65 years.

For both salaried & self-employed, age of 24-55 years

Income

For salaried, a minimum annual income of Rs 1,80,000 is required. Self-employed must have an ITR of Rs 1,50,000.

For salaried, minimum net monthly income of Rs 7,500. Self-employed must have annual income of Rs 1 lac.

For salaried, latest salary slip and bank statement for last 3 months. For self-employed- latest 2 year ITR with statement showing computation of income, CA Certified or audited profit & loss account statements and balance sheet for last 2 years, bank statement for last 6 months

For salaried, latest salary slip and bank statement for last 3 months. For self-employed- latest 2 year ITR with statement showing computation of income, CA Certified or audited profit & loss account statements and balance sheet for last 2 years, bank statement for last 6 months

If you want to buy a washing machine Samsung WD80J6410AS/TL whose price is Rs 63,000, you must be keen to know the EMIs, interest payout and others on loan from both HDFC Bank and Axis Bank. We will let you know that in the table below.

Table showing EMIs and interest outgo on loan taken to buy washing machine titled Samsung WD80J6410AS/TL (Assuming 100 per cent finance given on the monthly income of Rs 15,000)

Bank Name

Loan Amount

Tenure

Interest Rate

Processing Fee

EMI

Interest Payout

Total Payout (Principal+ Interest)

Axis Bank

Rs 63,000

3 years

15.5%-24%

Rs 630

Rs 2,199-2,472

Rs 16,177-25,980

Rs 79,177-88,980

HDFC Bank

Rs 63,000

3 years

16%-22%

Rs 1,260

Rs 2,215-2,406

Rs 16,736-23,616

Rs 79,736-86,616

Now that you have got the information to compare the consumer durable loan offerings of HDFC Bank and Axis Bank. Choose the option taking into consideration the effect of interest rate, interest outgo and EMI payment on your budget.

Disclaimer: The word ‘wish’ in the context of Wishfin.com is to be understood as an expression of desire or aspiration by the user, and not as a promise of fulfillment by Wishfin. We do not provide loans on our own, but merely ensure that your information is sent to the bank you have opted for. Wishfin has no sales team of its own. We just help you compare loans. We do not guarantee any loans as the loans are sanctioned by Banks and Nbfcs as per their discretion and decision. Read More